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2025-08-31-accounts

2025 ANNUAL REPORT and audited consolidated financial statements

Registered charity number 1190196 Company number 12596629

Table of contents

Welcome from Co-Chairs and CEO 2
Highlights of the year 3
Strategic objective 1 4
Strategic objective 2 6
Strategic objective 3 9
Strategic objective 4 10
Public beneft statement 12
Financial review 13
Legal structure and governance 16
Statement of Trustees' responsibilities 17
Independent auditor’s report 20
Consolidated statement of fnancial activities 24
Statement of fnancial position 25
Consolidated statement of cash fows 26
Notes to the fnancial statements 27
Acknowledgements 44

Welcome to the Primary Science Teaching Trust’s annual report for 2024–25.

This year marks the second stage of our ambitious five-year strategy, as we continue to work for excellent science teaching in every primary classroom across the UK. Building on the foundations laid last year, we have deepened our impact through targeted support in Priority Areas, expanded our professional development offer, and strengthened our voice in national conversations about primary science.

The challenges facing primary education remain significant, but our commitment to teachers—through hands-on support, collaboration and advocacy—has never been stronger. As you read this report, we hope you will see not only the progress made, but also the passion and partnership that drives PSTT forward. Together, we are working to ensure that every child experiences the wonder and value of science.

Our work with schools in areas of greatest need has delivered tangible improvements in teacher confidence and classroom practice, while our newly expanded CPD programme has reached thousands of educators, offering flexible options to suit the realities of today’s schools. We have also invested in research, commissioning a nationwide study to better understand the current state of primary science, and have contributed to the national curriculum review in England, ensuring the voices of teachers and children are heard.

Paul Shuter Olivia Thompson Martin Pollard Co-Chair of Co-Chair of CEO Trustees Trustees

2

Highlights of the year

30

Priority Areas schools

Schools receiving focused support through our Priority Areas programme

475k

Website downloads

Resources downloaded by teachers to support primary science

117

PSEA completions

Trainee and Early Career Teachers receiving the Primary Science Enhancement Award

6

New Fellows

Teachers awarded the Primary Science Teacher Award and welcomed as Fellows of the College

5k

Teachers supported

Primary teachers supported through our activities

16k

Social media followers

Educators engaging with PSTT across our social channels

3

Strategic objective 1

Strengthening primary science teaching and leadership in our priority areas

2025 saw our Priority Areas schools complete the first year of their pilot project with PSTT – with excellent feedback on the support we are providing.

The Priority Areas initiative ensures that PSTT’s most intensive support goes to schools in areas that need it most. These are areas of lower educational opportunity, where most schools have not previously been able to access the training and advice they need to advance science learning. The pilot initiative includes 30 schools across Medway (Kent), North Thames Estuary (Essex) and Edmonton (London).

scores increase by an average of 0.5, but the confidence gap between the most and least confident teachers is closing, showing that the project is helping to equalise perceived confidence across schools and regions.

After a year working with PSTT, data from participating schools showed that:

including high staff turnover, competing priorities and child behavioral issues, all 30 schools remain committed to the initiative.

Year One Impact Priority Areas – Year One Impact 92.8% of participants reported increased confidence to teach science

89.3% reported increased confidence to lead science

89.3% said their understanding of the subject leader role had improved

78.6% observed improved classroom practice among other staff

4

Emily Fisher, Oaklands School, Kent:

“Being part of the Priority Area Support Programme has had a significant positive impact on both my pupils and myself as a subject leader. The tailored professional development sessions have been instrumental in developing my leadership skills...This has raised the profile of science across the school, highlighting it as a core subject.

During the year, The Ogden Trust and the Worshipful Company of Glass Sellers generously provided boxes of science equipment free of charge to Priority Area schools. We are grateful for their recognition of this project’s potential.

leader and played a key role in my recent achievement of winning a Primary Science Teacher Award. Recent internal subject reviews have highlighted that science is now in the strongest position it has been in for years, reflecting the impact of the support and development I’ve received through the PA programme.”

Priority Areas school lead, and winner of 2025 Primary Science Teacher Award

We are proud to partner with SSERC on their Inspiring a Sustainable Approach to STEM (ISAS) programme in Scotland. Like PSTT’s Priority Areas initiative, this focuses on in-depth support for schools in areas of need. During 2024−25, ISAS enabled 38 schools to appoint SSERC STEM Associates, who received training, study time and support to develop science. A total of 490 teachers benefited from the programme.

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Pupils from Rose Street School
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Looking forward to 2025−26, we will:

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Strategic objective 2

Meeting the needs of the wider teaching population through our CPD, resources and other activities

2025−26 saw us significantly expand PSTT’s offer to primary schools across the country.

With schools under ever-increasing pressures of funding and time, teachers are looking for new options for science support. While some want to benefit from in-depth training or mentoring, others only have time for shorter, ‘bitesize’ sessions. Delivering model science lessons to children is another avenue for sharing good practice. During the year, we therefore remodelled our programme to provide a better menu of options for teachers.

We delivered two brand new webinar series , with over 400 teachers participating:

Webinars: impact at a glance

97.6% agreed that the Leadership webinars improved their understanding of the topics

100% of Enquiry Types attendees said the webinars supported them to reflect on their own practice and identify areas for development

92.3% agreed the webinars improved their understanding of what constitutes excellent teaching in science

Online Science Days to reach children directly. Delivered over three days during British Science Week 2025, our Regional Mentors led practical investigations for children of all ages, covering topics as varied as shadows, waterproof materials, friction and gravity. Teachers then followed up in the classroom, so the sessions also provided a valuable professional learning opportunity for them. 1,400 classes took part, reaching an estimated 37,000 children.

Engaging classrooms with Online Science Days 2025

90% rated the delivery as 'Good' or 'Excellent'

100% of respondents agreed the practicals were easy to carry out

6

We started to organise Thinking, Doing, Talking Science courses under exclusive license from The Oxford Trust. This approach, backed by years of research, helps teachers to develop children’s higher-order thinking skills and design inclusive, challenging science lessons. All participants agreed that the course:

Creating positive change with Thinking, Doing, Talking Science

90% reported a positive change in understanding how to develop children’s oracy skills

80% reported a positive change in understanding how to develop higher-order thinking skills

All teachers reported that their approach to practical science teaching has changed as a result of the course

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Our Regional Mentors continued to nurture high-quality science education in schools across England. By taking time to get to know a school’s individual circumstances, our team can deliver the service that best meets the needs of teachers and children.

This personalised approach was borne out in the outstanding feedback received from participating teachers:

Regional Mentors worked directly with 547 science leaders and 1,749 classroom teachers during 2024−25. With 97.9% of participants saying they they will share their learning with colleagues, we reached an estimated total of 9,000 teachers.

As well as these bespoke services, we held a Northwest Science Conference as a pilot for a new form of PSTT regional event. Taking place at Ness Botanic Gardens on the Wirral, the day focused on using creativity and the natural environment to teach primary science. With both indoor and outdoor elements, teachers responded very positively – one commenting that, “Today was brilliant! I loved that we were able to actually have a go at the activities and could hear about the other key stage activities - also loved that the activities were so cross-curricular.”

We also organised several free-to-access CPD events, led by our Area Mentors – local champions for PSTT and coordinators of our network of award-winning College Fellows. Starting in Bradford and Northumberland, we began to establish Local Network Meetings for science leaders. All of these opportunities help teachers to share practice and collaborate with each other, and enable us to strengthen PSTT’s local connections – expanding the network of schools we can reach and support.

Looking forward to 2025−26, we will:

Overall satisfaction across Regional Mentor sessions was exceptionally high, with an average rating of 4.8 out of 5. Teachers also reported improved understanding of what constitutes excellent teaching and learning (98.4%) and greater ability to plan and deliver science lessons (96.8%).

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Strategic objective 3

Embedding high quality science content, approaches and experiences in Initial Teacher Education and Early Career Teaching

PSTT is committed to supporting primary teachers right from the start of their careers. It is vital that we build teachers’ confidence and abilities with science from an early stage – as well as benefiting the children they teach, this helps lay the foundations for our future science leaders.

In 2024−25, we continued to expand our Primary Science Enhancement Award (PSEA) scheme. This free programme is open to trainee primary teachers across the UK, and recognises that initial teacher education (ITE) programmes may contain only limited specialist coverage of science. Trainees work with tutors to identify personal science targets and to devise their own programme of reflective activity. They then submit a portfolio of evidence for moderation, outlining how they have enhanced their focus on science.

the programme this year, with 109 completing the full programme. A further 8 early career teachers also took part, with support from The Ogden Trust.

100% reported increased competence to teach science

99.5% reported increased confidence and awareness of effective strategies

99.5% reported improved understanding of scientific enquiry

97.5% reported improved awareness of assessment approaches

96% reported more confident to take up the role of science subject leader

Looking forward to 2025−26, we will:

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Strategic objective 4

Strengthening PSTT’s position as a widely respected voice for primary science

After 28 years of working to enrich teaching, PSTT has a strong position at the heart of the primary science sector. Over the last year, we have built on our existing reputation to expand our networks of influence and to advocate for wider partnership working in pursuit of our vision.

Welcoming new Fellows

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Lynne McKay
John McGoldrick Stirling
Paisley
Katie Adams
Michelle Davies
London
Ewloe
Emma Walker
High Wycombe Emily Fisher
Walderslade
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The Primary Science Teacher College is at the heart of our work. With nearly 200 award-winning teachers, the College is a bedrock of our work with schools and underscores our credibility in the wider sector.

During the year, we were delighted to award six Primary Science Teacher Awards. The winners become Fellows of the College, joining our local and national networks. Fellows can also access funds to develop themselves and others professionally, enabling them to support additional schools in their communities.

Leading new research into primary science

In 2025, we worked with the Ogden Trust and SEERIH (University of Manchester) to fund new research into the State of Primary Science in the UK. We commissioned ImpactEd to carry out a nationwide survey and focus groups, focusing on topics such as science leadership, confidence with subject delivery, and the availability of continuing professional development (CPD), mentoring and support.

1,277 educators participated, representing a mix of headteachers, science subject leaders and classroom teachers. Much of the data allowed us to make a direct comparison with the 2017 Sate of the Nation report published by the Wellcome Trust, and to help us understand today's priorities for primary science. We will work with partner organisations to identify how senior leaders, education authorities and policymakers can address these priorities.

published at www.pstt.org.uk, it positions PSTT as a key voice in the national conversation about primary science.

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PSTT’s voice in the national curriculum review

In Autumn 2024, the UK Government’s Department for Education began a review of the national curriculum in England. It is expected that this will lead to a significant revision of the existing curriculum, rather than a complete overhaul, but it was a key opportunity for PSTT to influence how children learn science in the future. We responded in detail to the review, and were subsequently invited to take part in a Science Stakeholders’ Group to give further input.

We emphasised the importance of maintaining science as a core subject, but with a more focused approach that allows deeper exploration of key concepts. We also drew attention to the importance of high-quality practical science, and of making science education accessible to all children; both requiring increased investment in teachers’ professional development.

Looking forward to 2025−26, we will:

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All of PSTT’s work focuses on education as a public good. We aim to enhance science education in primary schools by working with school leaders and classroom teachers across the UK.

work include:

approximately 5,000 teachers each year, including through activities such as the Priority Areas initiative, Regional Mentor services, national CPD programme and Primary Science Enhancement Award. Since

Through the PSTT website, we provide free access to high quality primary science teaching resources to thousands of additional teachers. We also provide news, information and opportunities to our mailing list of over 15,000 subscribers.

Collaborating with other science organisations enables us to reach more schools. We achieve this through our partnership with SSERC in Scotland, our work with the Association for Science Education, and informal partnerships with the Primary Science Quality Mark, the Ogden Trust, the University of Manchester and others.

At each of their meetings, the Trustees dedicate time to evaluating reports from all PSTT programmes. Our 2023−28 strategy, with its increased focus on monitoring and evaluation, provides opportunities for Trustees to regularly assess the public benefits of our work.

many of our participants are science subject leaders, our support programmes may benefit up to 12,000 additional teachers. Our College Fellows and Area Mentors support many other schools through both formal and informal networks. Overall, we estimate that our programmes benefit up to 340,000 children due to improved science teaching.

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Financial review

PSTT funds much of its core work through income from investments, which during 2024−25 continued to be managed by three Fund Managers. The Trustees actively monitored these funds in accordance with the Investment Policy below. We are actively seeking ways to reduce PSTT's operational deficit, so that our activities can be funded sustainably by income from investments and elsewhere. During 2024−25, we started to apply to trusts and foundations for additional funds to help meet this goal.

Income

Income from charitable activities in the year of £134,493 (2024: £235,379) was generated from teaching resources, consultancy and unrestricted income. Investment income in the year totalled £284,784 (2024: £433,839). Income for the year totalled £419,277 (2024: £669,218).

Movement in funds

Income of £419,277 less expenditure of £1,575,744 plus investment gains of £640,114 resulted in a deficit of £516,353 over the year (2024: £1,125,508 surplus).

At 31 August 2025, the net assets of the group were £19,387,630 (2024: £19,903,983).

Investment policy

Investments are governed by an investment policy, which is reviewed annually by the Investment Committee to ensure it meets the Trust’s needs.

The investment policy seeks to produce the best financial return within an acceptable level of risk. The Trustees are willing to accept a moderate degree of investment risk in order to generate a total return in line with inflation over the medium term.

Expenditure

Expenditure on Charitable Activities in the year was £1,478,441 (2024: £1,216,257). Expenditure on investment fund management costs during the year totalled £97,303 (2024: £97,393). Total expenditure for 2024−25 was £1,575,744 (2024: £1,313,650).

Investments are actively monitored monthly with the aim of achieving a target level of investments of £20m. Variances are considered in the quarterly Investment Committee meetings.

Investments

Investments performed relatively well during the year, generating a net investment gain of £640,114 (2024: £1,769,940).

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The Trustees aim to ensure that expenditure stays within the income from, and capital growth of, PSTT's investments and activity income. However, the Trustees consider it important that funding for activities within the objectives and strategy of PSTT should not be overly constrained by this limitation. The capital is therefore treated as expendable at the Trustees’ discretion to cater for this – see below under Reserves policy.

Risk management

operational risks as they arise, monitors these risks, and manages them as far as possible to minimise their effect. Systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen the risks. The Trustees review these risks and the measures to mitigate them annually.

Reserves policy

The Trustees have reviewed PSTT’s needs for reserves in line with the guidance issued by the Charity Commission.

The need for reserves is assessed as part of the strategic planning process. The need to build up reserves is also taken into account in the annual planning and budgeting process. Any costs associated with winding up PSTT will be met from capital. It is expected that such costs would be negligible.

The Trustees believe that the delivery of PSTT’s vision is a long-term project. Therefore, the Trustees intend to maintain the value of PSTT’s investments as far as possible to ensure a source of income that can cover the core costs of our charitable activities. Unrestricted reserves totalled £19,384,718 on 31 August 2025 (2024: £19,901,071). Of this amount the Trustees have designated £18.5 million for investment income generation. The remaining amount constitutes free reserves.

volatility in world stock markets has demonstrated this risk in the past. PSTT has a diversified investment portfolio in order to reduce the risk of fluctuations within the investments.

Grant making policy

PSTT makes small grants to support schools in our Priority Areas and Clusters, and to support our Fellows’ CPD. These are made to embed best practice and develop innovative methods. Grant applications are considered by key staff members, who are authorised to approve grants within budgetary limits. Where necessary, they refer their decisions to the CEO or the relevant Director.

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Key management personnel remuneration The Trustees consider the Chief Executive Officer and Senior Management Team as comprising the key management personnel in charge of directing and controlling PSTT. The Trustees have delegated authority of the running and operating of PSTT on a day-to-day basis to the CEO and SMT.

Safeguarding statement

PSTT has a duty to safeguard its staff and the children in schools we work with. We pay particular regard to the welfare of people under the age of 18. Employees of PSTT do not generally work unsupervised with children. Those who do are teachers who meet the requirements of the policies in the schools in which they work and they are expected to have a good understanding of safeguarding. PSTT has a detailed safeguarding policy which is shared with all staff and which ensures all staff who come into contact with children as part of their role undergo regular training in the recognition, handling and reporting of safeguarding issues. The policy includes clear procedures for escalating and assessing safeguarding incidents.

The Finance and Compliance Committee reviews any potential, actual or perceived conflicts of interest as they arise and reviews expenses claimed by key management on an annual basis.

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Legal structure and governance

The Primary Science Teaching Trust is a charitable company limited by guarantee, registered with the Charity Commission (charity number 1190196) and Companies House (company number 12596629). PSTT is governed by the Board of Trustees. The Board met four times in 2024−25 (2023−24: four).

The members of the Board are set out on page 18. In selecting individuals for appointment as Trustees, the Board has regard to the skills, knowledge and experience needed for the effective administration of PSTT.

and expertise to the running of the organisation. This can be in the field of education or in a technical area that will enhance the ability of the Trustees to deliver the stated objectives.

The Board is assisted by four (2023−24: four) standing committees, each of which meets and reports to the Trustees quarterly. The Board has delegated the oversight of relevant functions to these committees, but retains decisions on all significant matters concerning PSTT’s strategy and policies.

During 2024−25, PSTT welcomed three new Trustees who applied to join the Board as part of an open and inclusive recruitment process. This helped to further diversity the Board’s skills, knowledge and experience.

New members of the Board are formally inducted and trained by the Chair and other Trustees as appropriate.

PSTT’s trading company is run by one Trustee and a senior staff member acting as directors. The company is currently dormant.

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Statement of the Trustees’ responsibilities in respect of the Trustees’ annual report and the financial statements

The Trustees (who are also directors of the charity for the purposes of company law) are responsible for preparing the Trustees’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

statements for each financial year, which give a true and fair view of the state of affairs of the charity and the group and the incoming resources and application of resources, including the net income or expenditure, of the charity and the group for the year.

are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and the group and which enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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In so far as the Trustees are aware:

Auditors

Godfrey Wilson Limited were re-appointed as auditors to the group and parent charity during the year and have expressed their willingness to continue in that capacity.

Approved by the Board of Trustees of the Primary Science Teaching Trust and signed on its behalf by:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The Trustees are members of the charity but this entitles them only to voting rights. The Trustees have no beneficial interest in the charity.

Paul Shuter

Paul Shuter Co-Chair of Trustees 3 rd February 2026

Olivia Thompson Co-Chair of Trustees 3 rd February 2026

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Reference and Administrative Details

The board of Trustees gives its time and expertise voluntarily. Trustees, who receive no remuneration or any other emoluments from the PSTT, are also directors for the purposes of company law. The Trustees who served during the year were:

Trustees

Position

Asima Chowdhury

Saurabh Das

Chair Finance & Compliance Committee Chair of Investment Committee (from 24 Jan 25)

Richard Ferris (from 24 Jan 25)

Patrick Hand (until 1 Mar 25) Laura Hickman

Chair of Investment Committee (until 24 Jan 25)

Catherine Kington (from 1 Aug 25) Robert Osborne (from 1 Aug 25 to 23 Jan 26)

Professor Michael Reiss

Julia Ryle-Hodges (until 31 Dec 25) Jyoti Sehdev

Vice Chair of Trustees (from 15 July 25) Chair of EDI Committee

Paul Shuter Chair of Nominations & Remuneration Committee (until 1 June 25) Co-Chair of Trustees (from 15 July 25) Director of Trading Company Vice Chair of Trustees (until 15 July 25) Olivia Thompson Chair of Nominations & Remuneration Committee (from 1 June 25) Co-Chair of Trustees (from 15 July 25)

Fund Managers

LGT

14 Cornhill London EC3V 3NR

Cazenove Capital, Trading name of Schroder & Co. Ltd 1 London Wall Place London EC2Y 5AU

Evelyn Partners 45 Gresham Street

London EC2V 7BG

Auditors

Godfrey Wilson Limited 5 Floor, Mariner House th 62 Prince Street Bristol BS1 4QD

Principal Office

Primary Science Teaching Trust DeskLodge Beacon Tower Colston Street Bristol BS1 4XE

Bankers

CAF Bank Ltd

25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

NatWest

40 Queens Road Bristol BS8 1BF

Cambridge Building Society 51 Newmarket Road Cambridge CB5 8EG

Jo Weston

Fred Young MBE (until 31 Oct 25)

Chair of Trustees (until 15 July 25)

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Independent auditor's report to the trustees of the Primary Science Teaching Trust

Opinion

Science Teaching Trust (the 'parent charity') and its subsidiary (the 'group') for the year ended 31 August 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and the related notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 7 to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material

inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

In our opinion, based on the work undertaken in the course of the audit:

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Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement set out in the trustees’ report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The procedures we carried out and the extent to which they are capable of detecting irregularities, including fraud, are detailed below:

(1) We obtained an understanding of the legal and regulatory framework that the charity operates in, and assessed the risk of non-compliance with applicable laws and regulations. Throughout the audit, we remained alert to possible indications of non-compliance.

(2) We reviewed the charity’s policies and procedures in relation to:

(3) We inspected the minutes of trustee meetings.

(4) We enquired about any non-routine communication with regulators and reviewed any reports made to them.

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and assessed their compliance with applicable laws and regulations.

(6) We performed analytical procedures to identify any unusual or unexpected transactions or balances that may indicate a risk of material fraud or error.

(7) We assessed the risk of fraud through management override of controls and carried out procedures to address this risk. Our procedures included:

Use of our report

This report is made solely to the charity’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. Irregularities that arise due to fraud can be even harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

3 rd February 2026

Robert Wilson FCA (Senior Statutory Auditor)

For and on behalf of: GODFREY WILSON LIMITED Chartered accountants and statutory auditors

5 Floor Mariner Houseth 62 Prince Street Bristol BS1 4QD

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the year ended 31 August 2025

Note
Income
Charitable activities
4
Investment Income
5
Expenditure
Raising funds
6
Investment fund management costs
Charitable Activities
6
Net (loss) / gain on investments
10
Net income / (expenditure) and net movement in funds
7
Reconciliation of Funds
Accumulated funds brought forward
Total funds carried forward at 31 August 2025		 Restricted
Unrestricted
Total
Total
2025
2025
2025
2024
£
£
£
£
-
134,493
134,493
235,379
-
284,784
284,784
433,839
-
419,277
419,277
669,218
-
(97,303)
(97,303)
(97,393)
-
(1,478,441)
(1,478,441)
(1,216,257)
-
(1,575,744)
(1,575,744)
(1,313,650)
-
640,114
640,114
1,769,940
-
(516,353)
(516,353)
1,125,508
2,912
19,901,071
19,903,983
18,778,475
2,912
19,384,718
19,387,630
19,903,983

All of the above results are derived from continuing activities. All gains and losses recognised in the year are included above. Movements in funds are disclosed in note 15 to the accounts.

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Note
Non-Current Assets
Tangible assets
9
Investments
10
Investment in Subsidiary
11
Current Assets
Debtors
12
Bank
Current Liabilities
Creditors due within 1 year
13
Net current assets
Total net assets
14
The funds of the Trust
15
Restricted funds
Unrestricted funds:
General funds
Total funds		 Group
Group
Trust
Trust
2025
£
2024
£
2025
£
2024
£
25,463
45,895
25,463
45,895
19,154,561
19,634,204
19,154,561
19,634,204
-
-
100
100
19,180,024
19,680,099
19,180,124
19,680,199
31,798
48,798
31,798
48,798
259,070
260,732
259,070
260,732
290,868
309,530
290,868
309,530
(83,262)
(85,646)
(83,362)
(85,746)
(83,262)
(85,646)
(83,362)
(85,746)
207,606
223,884
207,506
223,784
19,387,630
19,903,983
19,387,630
19,903,983
2,912
2,912
2,912
2,912
19,384,718
19,901,071
19,384,718
19,901,071
19,387,630
19,903,983
19,387,630
19,903,983

These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies' regime. Approved by the Trustees on 3 rd February 2026

Paul Shuter

Paul Shuter Olivia Thompson Co-Chair of Trustees Co-Chair of Trustees

Saurabh Das

Saurabh Das Trustee

25

the year ended 31 August 2025

Note
Net cash used in operating activities
16
Cash fows from investing activities
Dividends, interest and rents from investments
Purchase of tangible fxed assets
9
Purchase of investments
10
Proceeds from sale of investments
10
Net cash provided by investing activities
Increase/(Decrease) in cash during the year
Cash and cash equivalents as at 1 September
Increase in cash during the year
Cash and cash equivalents as at 31 August
Reconciliation of cash and cash equivalents
Cash at bank and in hand
Cash held in investments		 2025
£
2024
£
(1,401,723)
(1,021,079)
284,784
433,839
(4,480)
(17,590)
(2,131,217)
(1,782,498)
3,539,006
2,283,645
1,688,093
917,396
286,370
(103,683)
537,312
640,995
286,370
(103,683)
823,682
537,312
259,070
260,732
564,612
276,580
823,682
537,312

The charity has not provided an analysis of changes in net debt as it does not have any long term financing arrangements.

26

statements for the year ended 31 August 2025

1. Accounting policies

The following accounting policies have been applied consistently in dealing with items that are considered material in relation to the Trust’s Financial Statements.

Company (£19.2m) more than adequately cover the annual expenditure on charitable activities (£1.5m for 2024−25) for a number of years.

The Trustees do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure, with the exception of those matters referred to in the going concern statement above and depreciation which is a source of estimation.

Basis of accounting

the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland ((FRS 102) effective 1 January 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

FRS 102. The aim of PSTT is to invest monies received and apply the income arising from there in furtherance of its charitable objects. However, as the Trustees have the power to apply the capital as income, the capital has been classified as fully expendable.

PSTT incorporated a subsidiary, Primary Science Teaching Trust Trading Limited (PSTTT) on 29 April 2014 for the purpose of conducting certain trading activities, whilst ring-fencing the assets of the Trust. PSTTT has been dormant since September 2022.

PSTT’s charitable activities fall within the exemptions afforded by section 505 of the Income and Corporation Taxes Act 1988. Any profits of PSTTT would be gifted to PSTT and therefore no tax would be payable.

Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income received in advance of provison of services is deferred to the period in which services are delivered.

The Trustees consider that there are no material uncertainties about PSTT's ability to continue as a going concern. The investments held by the

27

Interest receivable

Interest receivable is accounted for on an accruals basis.

In the event that grants payable are subsequently reversed, or amounts repaid, the reversal is recognised in the accounting period that the reversal or repayment is identified as being due to PSTT.

Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the Trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

Expenditure on raising funds

Expenditure on raising funds relate to the management of the investment portfolio and expenditure incurred by the trading company.

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Charitable activities - support costs

Support costs are administrative and other expenses incurred in the running of PSTT. They are accounted for on an accruals basis. Support costs include governance costs which are expenses incurred in the strategic management of PSTT plus external audit fees.

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated

with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated in full to expenditure on charitable activities which is deemed to be reflective of the activities of the charity in this period.

Realised and unrealised gains on investments

Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value.

Charitable activities - grants payable

Grants payable are accounted for once PSTT has made an unconditional commitment to pay the grant and the recipient has been notified or the grant has been paid, whichever is earlier, in accordance with FRS 102 SORP.

Investment assets and investment income

Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value.

28

Investment assets and investment income

Investment assets are valued at market value at the balance sheet date. Where the investments are listed on a recognised stock exchange, the market value represents the latest stock exchange listing. Where the investment is not listed on a recognised stock exchange, the market value is based upon an independent valuation from a third-party administrator. Income from investments is accounted for on an accruals basis.

Investments in subsidiaries are held at cost less impairment.

depreciation and any provision for impairment. Depreciation is calculated to write down the cost less estimated residual value of all tangible fixed assets over their expected useful lives, using the straight-line method. Computer equipment is depreciated over three years. Items over £1,000 are capitalised.

Creditors

Creditors and provisions are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans, which are subsequently recognised at amortised cost using the effective interest method.

Pension costs

pension scheme for its employees. There are no further liabilities other than that already recognised in the SOFA.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Contingent liabilities

grants resulting from:

29

2. Remuneration of Trustees

The Trustees receive no remuneration. During the year, 9 trustees incurred expenses for travel, subsistence and stationery of £8,099 (2024: £6,241 for 7 Trustees). Charity Trustee Indemnity insurance is provided at an annual cost of £1,299 (2024: £719) to cover the charity, Trustees and officers against potential claims and losses.

3. Staff numbers and costs

Employment numbers increased slightly to 27 (2024: 25). Of the 27 employees, 9 were full time and 18 part time (2024: 9 and 16). The average number employed over the period was 26.8 (2024: 25.3). The costs incurred during the year in respect of employees were:

The key management personnel comprise the Chief Executive Officer and Senior Management Team. The total employee benefits of key management personnel were £366,781 (2024: £389,443).

The number of employees who received employee benefits (including redundancy, ex-gratia and/or payments in lieu of notice), of £60,000 or more were:

60,000 - 70,000
70,000 - 80,000
80,000 - 90,000		 2025
No.
2024
No.
-
1
1
-
1
1
Salaries
Social security costs
Pension		 2025
£
2024
£
802,537
676,288
78,098
65,307
38,497
34,598
919,132
776,193

Included within salaries and wages are redundancy payments of £18,717 (2024: £Nil). £Nil redundancy payments were outstanding as of 31 August 2025 (2024: £Nil).

30

4. Income from charitable activities

5. Investment income

Met Ofce - XAIDA
Royalties
Regional Mentor income
National Programme income
Donations
STEM Learning Ltd - Explorify
Grants other
Met Ofce - XAIDA
Royalties
Regional Mentor income
National Programme income		 Restricted
Unrestricted
Total
2025
£
2025
£
2025
£
-
10,908
10,908
-
3,952
3,952
-
99,451
99,451
-
20,080
20,080
-
102
102
-
134,493
134,493
Restricted
Unrestricted
Total
2024
£
2024
£
2024
£
108,507
-
108,507
8,043
-
8,043
-
10,908
10,908
-
2,583
2,583
-
92,198
92,198
-
13,140
13,140
116,550
118,829
235,379
Income from dividends
and distributions		 Unrestricted funds
2025
£
2024
£
284,784
433,839

31

6. Total Expenditure

Raising funds Charitable Support and 2025 Total
activities governance
costs
£ £ £ £
Staf costs (see note 3) - 591,746 327,386 919,132
Investment manager fees 97,303 - - 97,303
Grantmaking (see note 8) - 105,932 - 105,932
Other direct costs - 239,547 - 239,547
Ofce costs - - 82,594 82,594
Other staf costs - - 31,665 31,665
IT, communications and marketing - - 70,791 70,791
External audit - - 10,920 10,920
Recruitment - - 6,953 6,953
Governance costs - - 1,534 1,534
Trustee insurance - - 1,299 1,299
Trustee expenses - - 8,074 8,074
Sub-total 97,303 937,225 541,216 1,575,744
Allocation of support and - 541,216 (541,216) -
governance costs
Total expenditure 97,303 1,478,441 - 1,575,744

Total governance costs (external audit, governance costs, trustee insurance and trustee expenses) were £21,827.

32

Prior year comparative (restated) Raising funds Charitable Support and 2024 Total
activities governance
costs
£ £ £ £
Staf costs (see note 3) - 460,454 315,739 776,193
Investment manager fees 97,393 - - 97,393
Grantmaking (see note 8) - 78,548 - 78,548
Other direct costs - 161,660 - 161,660
Ofce costs - - 77,866 77,866
Other staf costs - - 42,861 42,861
IT, communications and marketing - - 51,874 51,874
External audit - - 10,458 10,458
Recruitment - - 9,835 9,835
Trustee insurance - - 721 721
Trustee expenses - - 6,241 6,241
Sub-total 97,393 700,662 515,595 1,313,650
Allocation of support and - 515,595 (515,595) -
governance costs
Total expenditure 97,393 1,216,257 - 1,313,650

Total governance costs (external audit, trustee insurance and trustee expenses) were £17,420.

33

7. Net movement in funds This is stated after charging:

Depreciation
Loss on disposal
Operating lease payments
Trustees' remuneration
Trustees' expenses
Auditors' remuneration:
Statutory audit (excluding VAT)
Other services (excluding VAT)		 2025
£
2024
£
24,912
21,801
-
-
41,730
30,420
Nil
Nil
8,099
6,241
9,100
8,700
350
350

8. Grants payable

During the year, 50 grants were awarded (2024: 25). Grants were paid to the following institutions in pursuit of the charity's objects:

SSERC
Smaller grants < £25,000		 2025
No.
2025
£
2024
No.
2024
£
1
59,583
1
21,667
47
46,349
24
56,881
48
105,932
25
78,548

34

Computer Equipment Website & CRM Total
2025 2025 2025
£ £ £
Cost
At 1 September 2024 19,276 68,791 88,067
Additions 1,288 3,192 4,480
Disposals (4,874) - (4,874)
At 31 August 2025 15,690 71,983 87,673
Depreciation
At 1 September 2024 16,874 25,298 42,172
Charge for the year 1,760 23,152 24,912
Depreciation on disposals (4,874) - (4,874)
At 31 August 2025 13,760 48,450 62,210
Net book value
At 31 August 2025 1,930 23,533 25,463
At 31 August 2024 2,402 43,493 45,895

35

10. Investments - group and trust

Market value brought forward
Additions
Disposal proceeds
Net gains / (losses)
Movement in cash accounts
Market value at 31 August		 2025
£
2024
£
19,634,204
18,549,547
2,131,217
1,782,498
(3,539,006)
(2,283,645)
640,114
1,769,940
288,032
(184,136)
19,154,561
19,634,204

Analysis of listed investments:

Bonds
Equities
Private Equity
Alternative and Multi-Asset
Managed funds
Market value at 31 August
Portfolio cash		 2025
£
2024
£
3,161,234
2,542,366
12,115,293
12,643,168
106,430
422,308
3,016,754
3,623,269
190,238
126,511
18,589,949
19,357,622
564,612
276,580
19,154,561
19,634,202

36

11. Investment in subsidiary undertaking

Primary Science Teaching Trust owns 100% of the share capital of PSTTT. PSTTT was incorporated on 29 April 2014 for the purpose of conducting certain trading activities, whilst ring-fencing the assets of the Trust. PSTTT became dormant on 22 September 2022. For the year to 31 August 2025, the results of the Company and Trading company have been consolidated.

12. Debtors - group and trust

Trade debtors
Prepayments
Accrued income
Total		 2025
£
2024
£
18,834
11,281
12,519
25,656
445
11,861
31,798
48,798

37

13. Creditors: amount falling due within one year - group

Trade creditors
Accruals
Deferred income
Taxation and social security
Other creditors
Total		 2025
£
2024
£
12,255
16,835
31,561
31,398
3,370
13,151
27,687
18,274
8,389
5,988
83,262
85,646

Creditors: amount falling due within one year - trust

Trade creditors
Accruals
Deferred income
Taxation and social security
Amounts payable to subsidiary
undertaking
Other creditors
Total		 2025
£
2024
£
12,255
16,835
31,561
31,398
3,370
13,151
27,687
18,274
100
100
8,389
5,988
83,362
85,746

38

14. Analysis of net assets between funds

Tangible fxed assets
Investments
Current assets
Current liabilities
Net assets at 31 August 2025		 Restricted funds
£
Unrestricted funds
£
Total funds
£
-
25,463
25,463
-
19,154,561
19,154,561
2,912
287,956
290,868
-
(83,262)
(83,262)
2,912
19,384,718
19,387,630

Prior period comparative

Tangible fxed assets
Investments
Current assets
Current liabilities
Net assets at 31 August 2024		 Restricted funds
£
Unrestricted funds
£
Total funds
£
-
45,895
45,895
-
19,634,204
19,634,204
2,912
306,618
309,530
-
(85,646)
(85,646)
2,912
19,901,071
19,903,983

39

15. Movement in funds

Restricted funds
University of Bristol - A Scientist Just
Like Me
Total Restricted funds
Unrestricted funds
General funds
Total Unrestricted funds
Total funds		 1 September
2024
£
Income
£
Expenditure
£
Investment
Gain / (Loss)
£
31 August
2025
£
2,912
-
-
-
2,912
2,912
-
-
-
2,912
19,901,071
419,277
(1,575,744)
640,114
19,384,718
19,901,071
419,277
(1,575,744)
640,114
19,384,718
19,903,983
419,277
(1,575,744)
640,114
19,387,630

Purposes of restricted funds

University of Bristol - A Scientist Just Like Me

To produce further website materials for the A Scientist Just Like Me project.

40

Prior period comparative

Restricted funds
STEM Learning Ltd - Explorify
University of Bristol - A Scientist Just
Like Me
Worshipful Company of Glass
Sellers
Total Restricted funds
Unrestricted funds
General funds
Total Unrestricted funds
Total funds		 1 September
2023
£
Income
£
Expenditure
£
Investment
Gain / (Loss)
£
31 August
2024
£
-
108,507
(108,507)
-
-
5,384
-
(2,472)
-
2,912
-
8,043
(8,043)
-
-
5,384
116,550
(119,022)
-
2,912
18,773,091
552,668
(1,194,628)
1,769,940
19,901,071
18,773,091
552,668
(1,194,628)
1,769,940
19,901,071
18,778,475
669,218
(1,313,650)
1,769,940
19,903,983

41

Net movement in funds
Depreciation
Dividends, interest and rents from investments
(Gains) / losses on investments
Decrease / (increase) in debtors
Increase / (decrease) in creditors
Net cash outfow from operating activities		 2025
£
2024
£
(516,353)
1,125,508
24,912
21,801
(284,784)
(433,839)
(640,114)
(1,769,940)
17,000
10,264
(2,384)
25,127
(1,401,723)
(1,021,079)

42

17. Related party transactions

The Charity has taken advantage of the exemption provided by section 33 of FRS 102 and has not therefore disclosed transactions with other wholly-owned entities within the group. Outstanding balances owed to and by group undertakings are disclosed in note 13. There have been no other related party transactions during the year.

18. Subsidiary results

The subsidiary, Primary Science Teaching Trust Trading Ltd, Company Number 09017123 was set up in April 2014 to de-risk the Trust in order to undertake any non-primary purpose activities. The subsidiary was made dormant on 22 September 2022 and there have been no trading transactions in the past three years.

19. Operating lease commitments

The charity had operating leases at the year end with total future minimum lease payments as follows:

Amount falling due:
Within 1 year
Within 1 - 5 years		 2025
£
2024
£
31,180
9,720
10,550
-
41,730
9,720

43

• Association for Science Education

• British Science Association

We can only achieve our vision for excellent primary science when we work with others. We are grateful to all of the partners, supporters and other stakeholders who have worked with PSTT over the past year, including the following:

44

0117 325 0499 | info@pstt.org.uk | www.pstt.org.uk Primary Science Teaching Trust Desklodge Beacon Tower Colston Street Bristol BS1 4XE